Pennsylvania Act 1913-448 — LIABILITIES OF COSIGNERS

Act text

LIABILITIES OF COSIGNERS
                 Act of Jul. 24, 1913, P.L. 971, No. 448              Cl. 40
                                  AN ACT

     To provide a method for determining the liabilities and rights
        of persons agreeing to be answerable for the default of
        another.

        Section 1.  Be it enacted, &c., That every written agreement
     hereafter made by one person to answer for the default of
     another shall subject such person to the liabilities of
     suretyship, and shall confer upon him the rights incident
     thereto, unless such agreement shall contain in substance the
     words: "This is not intended to be a contract of suretyship," or
     unless each portion of such agreement intended to modify the
     rights and liabilities of suretyship shall contain in substance
     the words: "This portion of the agreement is not intended to
     impose the liability of suretyship."
        Section 2.  This act shall not be construed as changing the
     rules of law heretofore existing respecting the disability of
     any person to bind himself or herself by a contract of
     suretyship, or respecting the admissibility of evidence to
     alter, add to, or vary a written contract.
        Section 3.  That the word "person," as used in this act,
     shall be construed to be applicable to the cases in which the
     agreement referred to in the first section hereof is made by one
     or more individuals or by one or more incorporated or
     unincorporated groups.